Simplify Your Bathroom

Simplify Your Bathroom

Living with a small bathroom can be a daily nuisance. There’s only room for one person to realistically get ready at a time, there’s nowhere to put anything, and it makes your morning routine feel like playing a chess match. Fortunately there are plenty of ways to simplify your bathroom no matter what the size.

Think Up!

We often get discouraged when we look at a small space in terms of its length or width. You begin looking around the room trying to figure out where you could stuff one more basket or storage container. An easy solution to small bathroom storage is tower organizers and shelving that can be hung on the wall. By utilizing not just your floor space but also your walls and the backs of doors you can easily organize all of your supplies without fear of tripping and breaking your neck every morning.

Going Under

Even the smallest vanities can be transformed into an oasis for hair care products and other supplies. A simple under-vanity two drawer unit can completely change your storage possibilities. And as long as you’re storing items under the vanity don’t forget to use the interior of the cabinet doors. There are a number of over-the-door racks that can be utilized beneath a vanity to offer an easy hiding place for straighteners, blow dryers, curling irons and other supplies that would normally wreak havoc on the top of your vanity. This will offer a neater solution for storing these items that keeps them off of the vanity top and out of your way when they’re not in use.

With just a few storage units and the right supplies you can quickly and with relatively little expense enjoy a much neater and better organized bathroom.

Treating Pet Stains and Smells

Treating Pet Stains and Smells

If you have a cat or dog at home, you know pet smells and stains are just a fact of life. Before you reach for a product filled with unwanted chemicals to clean up after them, Do Your Part and consider a few safer options for your pet and your family.

One of the most effective and economical options is to use baking soda. Sprinkle the powder in litter boxes to prevent smells. For stains, a paste made with baking soda and water can be used on carpets and many fabrics to remove the evidence and to deodorize.

Club soda is another easy and economical carpet saver. Its bubbly action will help bring the stain up to the surface so you’ll be able to simply blot the residue away with a rag. Go further to neutralize the smell by sprinkling baking soda on the area after it dries. Simply vacuum after an hour or two.

Vinegar is another favorite when it comes to cleaning up from pets. White vinegar will help you not only kill bacteria; it will also deodorize the area. Spray it on, let it set for several minutes, and then scrub the spot until the stain releases. Lemon juice can also be used to neutralize offending odors.

Then there are some safer store-bought options. Clean and Green offers pet specific cleaning products that work wonders on tough spots including leather. They also have non-toxic fabric deodorizers that are good for places where your pets like to hang out.

If you need a large area rug or carpets cleaned, look for eco-friendly carpet cleaning companies. There are more green carpet cleaners now than ever. Ask specifically what process the company uses and what is in the solutions being applied to your carpets.

Experts recommend staying away from cleaners containing perchloroethylene or naphthalene. These are known carcinogens. Instead, use plant-based carpet cleaners, which are safer for people, pets and the planet.

Using unnecessary chemicals in our homes isn’t good for our families or our pets. So the next time you have to clean up after your four-legged friend, Do Your Part and make a healthier choice.

Hey! Can Your Mortgage Lender Really Ask That?

Mortgage applicants expect to be asked to prove their income, verify their employment and provide permission for their tax returns to be reviewed, but these days, lenders frequently demand more and more answers to questions that may seem out of bounds to borrowers. Questions about exactly where every dollar comes from in your bank account may seem excessive, but lenders must document everything about an applicant's finances in order to prove to underwriters that the borrowers will repay the loan.

Questions You Should Expect From a Lender

Job History. Most lenders want to see a two-year history of employment and will need a contact where your job can be verified. In some cases, according to a recent article in MarketWatch, lenders can ask to see your diploma or college training order to verify that you were in school when you said you were.

Income. Typically, two recent paystubs are required, but some lenders will also require tax returns, particularly if you were self-employed. Discrepancies in income can trigger extra questions, especially if your income has declined for some reason such as a reduced bonus or commission. If you receive child support, Social Security or some other payments other than wages, you'll need to provide documentation that the income will continue.

Assets. Lenders want to know where your assets have come from in order to ensure that you are not borrowing money from someone for the down payment. Gift letters are required and must meet lender restrictions if you are getting help for your home purchase.

Debts. Your debts will show up on your credit report and will be calculated as part of your debt-to-income ratio. It's a good idea to review your credit history before applying for a mortgage because any disputed debts or debts that you believe have already been repaid will require proof and may need to be erased from your credit report before you can qualify for a loan.

Credit History. Your credit score is an important part of your loan application, but lenders will also look at your report to check for credit inquiries and past credit problems. If you have a number of recent credit inquiries, lenders may ask if you have taken out other loans or new credit cards that have yet to show up on your report.

Unexpected Lender Questions That Are Still Legal

Ethnicity. In order to avoid discrimination based on someone's ethnic background, the Department of Housing and Urban Development (HUD) actually requires lenders to ask about borrowers' race. HUD can then review lender records to make sure they aren't routinely turning down minorities or charging them higher fees.

Lawsuits. While it may seem as if a lawsuit (especially if you are the plaintiff) should not impact your home financing, lenders always require applicants to ask if they are involved in a lawsuit because of the potential cost and the possibility of a judgment that goes against the borrower.

Divorce. Lenders are particularly concerned about the financial details of a divorce because of the possibility that a borrower could be held responsible for an ex-spouse's debt. In addition, if you are trying to include child support or alimony as income on your loan application, a lender will need some hard proof that the income will continue.

Questions You Can't Be Asked

While it may seem that a lender can ask a borrower anything, there are two topics that are forbidden for lenders to investigate: family planning and health issues. According to HSH.com, under the Equal Credit Opportunity Act, lenders are not allowed to ask if you are planning a family. In the past, this question was used to discriminate against female borrowers because lenders assumed women would quit work when they became pregnant. You can, however, be asked about how many dependents you have and about your marital status, because that is information that can be used to qualify you as a first-time homebuyer and for special loan programs that have income limitations.

Under the Fair Housing Act and the Americans With Disabilities Act, lenders are prohibited from discriminating against borrowers who are ill or disabled, so they are not allowed to ask you any questions related to your physical condition.

The Bottom Line

Every borrower today needs to be prepared to answer almost anything a mortgage lender asks, but if you feel you are being asked inappropriate questions you should ask your lender some questions in return and perhaps find another lender.

6 Types of Moving Companies for Easy Relocation

Moving is stressful, especially packing and unpacking your belongings. When you have been staying at a place for even a few months, the amount of goods that you acquire take a long time to pack.

Well, say goodbye to your stress and let a reliable moving company handle your relocation. But first, what kind of moving company do your require? Are you even aware of the types of moving services available?

1. Local Moving Company – This Company takes care of all short distance moves within a state involving a trip that is less than 100 miles. As long as you do not cross the borders of your state, your move will be local. When you are hiring this service, ensure that the company is insured and licensed. Ask them about their charges. Local moving companies charge by the hour but you have to check with the State DOT for the legal rates.

2. Long Distance Moving Company – Long distance move need not be necessary inter-state move. It can also be intrastate but exceeding the distance of 100 miles. These companies will charge you according to the volume of your goods, their weight and the distance of the destination.

3. Self Moving Company – In this type of service, you will have to pack your goods yourself but the moving company will load it in the truck and deliver it. On reaching the destination, the shipment will be unloaded but you will have to unpack it. This kind of moving company charges lesser than the above companies, as you will be doing some of the work.

4. Auto Transport Moving Company – You may need the services of a moving company to transport your car. You can either drive it or use the services of an auto transporter.

5. Boxing Services – These moving companies provide packing materials so that you can pack your goods and belongings properly and prevent any damage.

6. Self Storage Company – Hire the services of a self-storage company to store those belongings that you do not need immediately. Or, if your new place of residence does not have enough space, you can store your goods with a self-storage company and move them later on when you have more space.

Apart from these, you also have International movers and corporate movers. Whenever you hire any type of moving company, ensure that they have the proper licensing and insurance. This is essential for the safety of your goods.

Buying Home Insurance: What You Need to Know

What is Home Insurance?

House insurance, or which is sometimes recognized as property insurance, offers disbursement to the homeowner in the occasion of loss because of fire, theft, or damage in the course of certain natural elements for instance hail, flooding, lightning and tornado. In accordance with the kind of policy, house insurance will reimburse the loss according to the fair market price at the time of the loss of the house, or completely substitute the loss based upon the existing rebuilding costs.

The policy of homeowner shall not merely cover the cost of repairs; however, the cost of the home contents (including clothing, jewelry, electronics, furniture, appliances, and so on), in addition to incidentals, for example the cost of an interchange residence for the period of the process of repair.

Mortgage lenders and House insurance

Several lenders shall demand a borrower to procure insurance for the house, and furthermore, enable the lender organization to gain advantage over the policy. In view of the fact that the holder of the mortgage has a lien concern regarding the home and the damage loss of the possessions shall have an effect on the fair market price of the property except well repaired. Proof of insurance of house is desired by the lender at some stage in closing and is forwarded to your solicitor using a folder letter from the organization of house insurance, with which you agreed.

Particulars of home insurance

House insurance is an obligation for any homeowner. Seeing that, the home is most individual’s biggest investment, it makes an immense economic sense to underwrite it is guarded from loss. Nevertheless, not all policies are generated equally. The following are some important points one ought to think about when buying house insurance.

Replacement Policy

When buying house insurance, one is supposed to gravely consider a replacement policy, why not at an elevated premium. When buying any assets, the building materials decrease in value, or lose price, as the age of the property goes on. Additionally, inflation has an effect on building costs as it does the whole thing in your financial plan.

A roof of a house, which claims an installation cost approximately four thousand dollars, might cost approximately seven thousand dollars to put back if it comes under the damage of frozen rain. A replacement policy shall cover the whole cost of substitution of the roof, not only its fair market price during the loss.

Contents

Ensure that the policy covers the whole cost of contents based on their replacement price. Furnishings, for instance clothing, electronics and appliances decrease in value quickly from the time of acquisition. The policy of replacement for furnishings shall replace the above mentioned items of a similar type and quality.

In the case of contents, it is a good thought to undertake an inventory of your furnishings and bring up to date it from through time. Some shall take photographs of the rooms in the house, together with storage areas, to make available evidence of the furnishings in the occasion of fire or other forms of natural disasters that cause loss. Moreover, having the photographs of your house contents in places that are safest from each and every possible risk of damage is also recommended.

Lost Pet? Technology Can Help

You come home and glance out the back door. Your dog is gone. How he escaped is a mystery. The more pressing question: How do you get him back?

A little foresight, of course, could have prevented the crisis. For starters, have your pet microchipped. And because microchips can migrate in a dog’s body, always back that up by keeping little Scruffy collared and have an ID, vaccination tags and license attached.

Beyond that, technology has given pet owners some amazing options — GPS collars, lost-pet Internet networks and other wizardry —to facilitate a reunion.

With the Lost Pet Tracker iPhone app (lostpettracker.com), for example, anyone who finds a lost animal can open the free app on their iPhone, photograph the animal, provide some details and hit send. Owners of missing pets in the area then get an email showing the photo and details, as well as a map that shows the GPS location where the animal was located.

There are many strategies, organizations and cool products to help reunite a lost pet with its owner. Here are a few:

Internet help: The Web is chockablock with sites to help. Some examples: Flealess Market’s Lost Pets International page (flealess.org/lostpets) lets owners post missing pet information on a state-by-state basis. At FidoFinder.com, owners and finders of lost dogs can post the animals on a lost-dog database. The volunteer-run Missing Pet Network (missingpet.net) and The Center for Lost Pets (thecenterforlostpets.com) both give owners a place to list animals. Twitter, Facebook and Craigslist can also help you get the word out. All are free.

Electronic magic: Technology is now a dog’s best friend. Among the advances are pethub.com and getpetshome.com, where a pet owner registers an animal and stores its vital information. If your lost dog is found, the finder can access its information by scanning its tag with a smartphone or by going online. A scan or a click lets the pet owner know Fido has been found. Basic packages for each is free; upgrades available.

GPS: There are a host of GPS-based systems, ranging from the RoamEO pettronix.com/products.php), which uses a handset to track your pooch, to the Garmin GTU 10 (buy.garmin.com) and the Tagg Pet Tracker (pettracker.com), which link to cellphone networks. Prices start at around $100, with additional charges for the cellphone systems. A good tutorial on dog-tracking collars is at mydogtrackingcollars.com.

Neighborhood alert: Lost Pet Cards (lostpetcards.com) is a mailing service that sends out 1,000 postcards ($480 to $550) around the neighborhood, with the pet’s photo and description. More immediate is findtoto.com, which takes the location where the dog was last seen, maps it and automatically calls all phones in a given radius from the starting point. Prices begin at $85 for 250 neighbors. Petamberalert.com has three levels of searching, sending posters to animal control facilities, vets and other locations ($39.96), making phone calls to homes in the area ($59.95), and a third level that combines the first two ($99.95).

Don’t Delay: If your pet disappears, the faster you act, the better your chances for a reunion. First, make a thorough search of the house and neighborhood. Contact animal control. And print fliers (one site is at site.keepdoggiesafe.com/pdfprint/lost-dog-poster.php), then take them door to door and post them around the neighborhood.

How to Save Thousands on Your Home Loan

Harris Interactive, on behalf of LendingTree, recently conducted an online survey of 1,380 homeowners and concluded that only 51% of mortgaged homeowners actually comparison shopped for their loans.

This is amazing when you consider that when shopping for big ticket items, 89% of Americans comparison shop. What’s bigger than your home?

Given the fact that variations between lenders can be as much as 1.5% for a 30 year fixed, these homeowners missed out on some potential savings.

Doug Lebda, founder and CEO of LendingTree note:

“Deciding on a mortgage is likely the most important financial decision consumers will ever make, yet borrowers are more often than not taking the first offer that comes their way, failing to fully capitalize on low rates. It is important for borrowers to understand that they have the power to choose which loan and which lender to use. It is acceptable to negotiate with lenders and to walk away if you are not fully satisfied. Consumers need to be engaged in the mortgage process to secure the best deal.”

The survey revealed that during the first week of August, 2012, quotes for a consumer with a 759 credit score ranged from 3.25% to 4.625% – that’s a huge variance. On a moderate loan amount of $260,000, the cost savings to a borrower would be $214 per month, $2,568 annually and over the life of the loan…? $74,000 dollars!

“Many people approach the process of getting a mortgage with apprehension, thinking they have very little control of the end result. But rushing through the process without comparing loan offers could be a costly mistake,” Lebda continued.”

Perhaps some of this trend can be attributed to the current atmosphere of doubt and uncertainty when it comes to financing home purchases. Lenders have been tight with the purse strings since the GFC (global financial crisis) so perhaps many of these individuals who are not comparing loans are simply relieved that they can obtain a loan.

5 Legal Tasks to Do When You Move

The Internet is full of checklists and resources to use if you are planning to move. There are packing timelines. There are lists of packing supplies. There are even directions on how to pack boxes.

But moving is much more than purging and organizing your personal affects. There are legal tasks you need to take care of too.

Here are 5 legal tasks to complete when you move:

1. Read your leases: Review your current lease to make sure you will not get into trouble for leaving. You are responsible for paying rent for the entire lease term, even if you have vacated the premises. If you need to move before the lease term is expired, read the lease to see if you can sublet or assign to a new tenant. Check your new lease for these terms before you sign it. And make sure you complete these tasks to protect your rights as a tenant.

2. Protect yourself with insurance: Thoroughly read any contract with a moving company before you sign it for delivery times and insurance coverage. Moving companies are required to provide some moving insurance. But you may wish to purchase more.

3. Notify your creditors: Update your address with all of your creditors to ensure you do not miss a payment. And be sure to complete a change of address with the United States Postal Service and request that your mail be forwarded to your new address.

4. Keep receipts if you are relocating for a job: You may be able to write off your expenses if you are required to relocate more than 50 miles due to a job change. Review the Internal Revenue Service’s requirements to qualify for this tax break.

5. Update your estate plan: State laws governing wills and estate plans differ. If you move to a different state, update your estate plan.

IT'S HURRICANE SEASON. ARE YOU PREPARED?

It’s Hurricane Season. Are You Prepared?

Recent images of Hurricane Isaac’s rampage along the Gulf Coast are a reminder that measures taken to prepare for big storms can reduce the damage they cause.

Just a year ago, Hurricane Irene demonstrated that this region is hardly exempt from nature’s wrath.

To prepare for a storm, there are many topics and steps that must be kept in mind. An excellent source for information is http://www.ready.gov/hurricanes, created by the National Hurricane Center of the National Weather Service.

Are you covered? Severe storms have the potential to destroy your financial well-being, so knowing what you’re insured for is essential.

Check your homeowner’s insurance policy to determine your hurricane-coverage deductible. Many insurers require one, depending on the location of the insured property.

Hurricane deductibles are higher than those for other perils or causes of loss. They are calculated as a percentage of the dollar amount of coverage on a dwelling.

The “trigger,” or point at which these deductibles apply, varies among insurers, according to the Insurance Information Institute in New York. Triggers generally are effective only when the National Weather Service issues a hurricane watch or warning, and they remain in effect for a specified time after the storm has passed.

Hurricane intensity also may affect the trigger. If a policy has mandatory deductibles, that means the insurer will not sell homeowners coverage without a hurricane deductible.

Flood warning. Remember this if you remember nothing else: Standard homeowner’s policies DO NOT cover flooding.

Structures in high-risk flood areas that have mortgages from federally regulated or insured lenders (Fannie Mae, Freddie Mac, FHA and VA) are required to carry flood insurance. According to the National Flood Insurance Program, such areas have a 1 percent or greater chance of flooding in any given year.

Homes and businesses in moderate- to low-risk areas with mortgages from federally regulated or insured lenders are not usually required to have flood insurance.

Such coverage is recommended, however, because anyone can be financially vulnerable to floods, according to the flood-insurance program: People outside high-risk areas file more than one-fifth of claims and receive one-third of disaster assistance (typically loans that must be repaid with interest).

There are waiting periods for flood-insurance coverage. Details are available from FloodSmart.gov.

Walk around your house. Physical preparation for storms is important. Look around the yard and the perimeter of your property for weak points, such as trees with branches hanging over utility lines. Remove them before they cause trouble.

Experts have pinpointed four areas that should be checked for weakness before a hurricane strikes: the roof, the windows, the doors, and the garage door.

Roof reinforcement from the wind—hurricane straps, for example—require a professional, and if a storm is bearing down, there may not be time to do that work. But you can clean gutters and downspouts so water flows away from the foundation.

If you have a sump pump, make sure it works, and check the outflow pipe to be sure it’s free of debris.

If a big storm is imminent, protect windows and doors by installing plywood shutters or at least placing large strips of masking tape or adhesive tape on the glass, to reduce the risk of breakage and flying pieces.

Add bracing to shore up a weak garage door.

If authorities urge you to evacuate your home, do it. Know the routes well and be sure your family is well-versed in what to do in the event of an emergency.

Reshared by Michelle Cannon
Cannon Realty & Associates

PATIO SOLUTIONS YOU'LL FALL FOR

Patio Solutions You’ll Fall For

As the seasons change so must your backyard entertaining areas. When it gets warmer we prepare for more outdoor cooking and evenings spent outside for longer hours. Likewise as fall and winter draw nearer it’s important to prepare your patio or deck for the cooler weather.

Stoke The Fires

If your climate allows outdoor entertaining throughout the year you know that every season brings with it its own outdoor pleasures. In particularly the fall is a welcome cool down for most and the enthusiasm for being outdoors that wanes in the extreme heat of late summer is often renewed. Nothing makes a cool weather gathering like a nice fire. This is one improvement that you can bring to your patio or deck that requires only a small expense if done correctly, or you can opt for a more elaborate outdoor grill or fire pit that is a permanent addition and naturally necessitates a bit more cash. And because so many buyers are looking for a unique and outstanding outdoor entertaining space these days you can probably expect a good return on the investment. For outdoor grill or fire pit ideas visit HGTV.

Increase Your Lighting

As the temperature drops the days grow shorter. This means that some of your late evening dinners that were once basked in a cool sunset glow will not enjoy the benefit of natural lighting. So increasing your outdoor lighting will help you to continue enjoying your patio late into the evenings without struggling to see your guests. This can be accomplished by installing either a simple string of outdoor lights or you can truly accessorize your space with trendy outdoor lighting that mimics that styles you might expect to see indoors. For more lighting ideas visit HGTV.

Improving your outdoor spaces in ways that encourage entertaining is like adding square footage to your home. With these and other tips you can enjoy these extra areas well into the fall.

Reshared by Michelle Cannon
Cannon Realty & Associates

LANDLORDS: FIVE SIMPLE DO'S AND DON'TS FOR PEACE OF MIND

Landlords: Five Simple Do’s and Don’ts for Peace of Mind

As the demand for rental properties skyrockets, landlords can be bombarded with applicants, how can landlords be sure they find the right tenants?

A landlord’s worst nightmare is an irresponsible and negligent tenant. Fortunately, comprehensive tenant screening can greatly reduce the chances of signing a bad renter. Here are a few tips when screening a tenant:

- Do Conduct a Comprehensive Background Check. Running a comprehensive background check on a potential tenant is one of the most important steps in finding a credible renter. Always use a report that includes credit, criminal and eviction screening at a minimum. The best reports also include a decision recommendation, income to rent analytics and credit payment history in an easy-to-read format.

- Do Make the Applicant Pay for the Report. Use a service that enables the applicant to pay for the background check directly. If the potential renter is interested in a property, has nothing to hide and has the funds to rent, he or she should be comfortable paying for the report. Having the applicant pay for the report saves the landlord the inconvenience of fronting the screening costs for multiple applicants.

- Do Take the Time to Read Tenants’ Background Reports Carefully. Be sure to take careful note of any collections flags. Applicants with collections actions are much more prone to skip payments or require eviction. Also, be sure to take the income to rent ratio into account. Tenants that make less than two times the rent amount are more likely to pay late or skip or stop paying altogether. Tenants that make more than three times the rent amount are less likely to have payment issues. Also, be wary of tenants that only want to deal in cash. This can often be a sign of a much deeper problem.

- Don’t Waste Time on the Phone Call to Prior Landlords. Calling a tenant’s prior landlord is often ineffective because some landlords provide no information as a policy to avoid any chance of defamation. Even worse, others may lie about the history of the tenant to expedite a troubled tenant’s move out of their property and into yours. Avoid the hassle of calling previous landlords, and stick to the facts from the background check.

- Don’t Forget About Fair Housing. The Fair Housing Act protects the buyer or renter of a dwelling from seller or landlord discrimination. The act prohibits refusal to sell or rent a dwelling to any person because of race, color, religion, sex or national origin. To avoid potential issues, make sure to create objective standards for your decision and apply them to the data in the screening report.

Tenant screening doesn’t have to be overwhelming. Following these simple tips and taking the extra time to thoroughly screen applicants will be well worth signing honest, dependable tenants and will greatly reduce stress in the long run.

Reshared by Michelle Cannon

WHICH DOCUMENTS ARE REQUIRED FOR SECURING A MORTGAGE?

Which Documents are Required for Securing a Mortgage?

Ready to scout over various home sales to find out the one that best fits your idea of “dream home”? Great! But don’t forget that the surest way to heartbreak is to find your dream home and make plans to move in, only to find a lack of sufficient documents means you can’t secure the mortgage you need to finance it.

If you haven’t got your paperwork in line by now, it is highly recommended that you take care of it before you venture outside looking for your dream home. Here is your document checklist to ensure you secure mortgage approval if you really are determined to buy your dream home:

Credit Report

You should get a copy of the credit report and carefully go through it. In case of a mistake, get it fixed before filing the papers. Try to avoid late payments as that reduces your FICO score and looks bad on your credit report for future lenders.

Credit Score

Yes, you can surely get a loan even with a low FICO score. In this case you can apply for an FHA loan which doesn’t depend on your FICO score. The FHA loan comes with the benefit of also having a lower down payment rate. The lender will do a back ground check of your employment credentials, and will also require some other paperwork to finalize the loan.

Other Miscellaneous Documents

Other documents you’ll need to obtain a mortgage include:

1. Pay slips – You have to hand over the photocopies of the last two months’ pay slips. Do not give the originals.
2. Tax Statement – You’ll also need your salary and tax statements of the last two years.
3. Tax Returns of The Last Two Years - The lender will want to see photocopies of the last two year’s tax returns. Make sure that all the schedules are included and you have signed the tax return before submitting it.
4. Bank Statements – Bank statements for the last two months, or in some cases, the last three months will be required. Submit copies of every single page from all the bank accounts you hold.
5. Accounts, Bonds And Mutual Funds - You are required to submit a detailed report of all your mutual funds, bonds and accounts. Submit photocopies of the statements.
6. Copy Of Driving License/Photo ID - Essentially this is just to verify that you are who you say you are, but the deal won’t be able to go ahead without it! You can show your ID in person if you are meeting the lender face-to-face, or else send a scanned copy of it with the rest of your documents.

Be sure to keep all these documents ready beforehand, as that will prevent you from making last minute mistakes and ensure that your mortgage application process goes much more smoothly.

Reshared by Michelle Cannon
Cannon Realty & Associates

CAN BANKRUPTCY PREVENT A FORECLOSURE?

Can Bankruptcy Prevent a Foreclosure?

The answer, surprisingly enough, is yes and no. In order to explain this further we need to talk about the different types of personal bankruptcy a homeowner can file.

The most common form of personal bankruptcy is known as Chapter 7. This is a bankruptcy motion where a homeowner tells the court they are no longer able to make any payments to their creditors and asks for all of their debts to be discharged or dismissed.

Following this motion, the court will then look at the homeowners’ non-exempt assets and determine what they can sell to raise money. A trustee is then appointed to overlook the sale of those items and collect and hold the funds. Those funds will then be distributed to all creditors in accordance with the judge’s ruling. Many creditors will receive nothing or at best a few pennies on the dollar. These creditors are now prevented from ever trying to collect again.

The other type of personal bankruptcy is the Chapter 13 filing. This differs from Chapter 7 because here a homeowner is telling the court they wish to repay all of their creditors but just do not have the money to do so at the time. In this case, the court will look at the homeowner’s income and assets, along with all of their debts, before determining how much money they should place in escrow with the court trustee each month to payoff those debts. The trustee will then distribute this money to the creditors accordingly. In this scenario, the debtor would make partial payments to all of their creditors and the creditors must stop all collection activity.

So how does all of this relate to a foreclosure?

Well the first thing a bankruptcy filing does is prompt the court to issue what is called an “Automatic Stay”. This means that the homeowner’s creditors must immediately cease all collection activity until the bankruptcy is resolved.

So when an automatic stay is issued, any lender who is about to file a foreclosure action against a home cannot do so and will be forced to delay any action for three to four months. Filing a bankruptcy action can even stop a foreclosure sale on the morning of the auction.

However, struggling homeowners shouldn’t automatically embrace bankruptcy as a solution to their problems. As with all laws, there are exceptions. A lender can ask for a “Motion to Lift the Stay”. A lender may be granted a motion to lift an automatic stay if they can prove they will suffer an irreparable harm by allowing the stay to remain in effect, or if they can show the homeowner has filed multiple bankruptcy petitions in the past with the sole purpose of obtaining an automatic stay to keep the home from being sold at auction.

If the homeowner filed a Chapter 7 bankruptcy petition then the automatic stay for the most part just buys them time. It gives them an additional three to four months to be able to make arrangements to move, possibly come up with the funds to bring the loan current, or come to a new agreement with the lender. However at some point the automatic stay will be lifted and the home will go into foreclosure.

A Chapter 13 bankruptcy petition is dealt with differently though – in this case, the court will order that whatever the current arrears on the property are should be added to the homeowner’s other debts. This money now becomes part of the Chapter 13 trustee distribution. What this means is that so long as they can go back to making their normal mortgage payment and pay the monthly amount to the trustee to divide up amongst all their creditors, they can keep the home.

This situation normally works best when someone has gone into default due to an illness or loss of work for a period of time. They have since recovered and can continue making their normal debt payments but have fallen so far behind they can’t catch up without the court’s help.

Reshared by Michelle Cannon
Cannon Realty & Associates

TIPS FOR SELLING A HOME FASTER

Tips For Selling A Home Faster, For More Money

For home sellers, there is no time quite like the present. The majority of sellers are looking to find a buyer as fast as they possibly can, getting the best possible price in the shortest time frame they can. That’s easier said than done in today’s bloated, foreclosure-hit markets of course, but by paying heed to the following advice, sellers might just be able to cash in sooner than they think.

Curb appeal is all-important

Experts remind sellers that first impressions are absolutely vital to making a sale. Numerous real estate agents agree that homes with well-kept lawns and inviting exteriors nearly always sell better than those with a cluttered landscape. Quite simply, if the buyer doesn’t even get their foot in the door (and they won’t, if the home is ugly), how are they going to make an offer?

Price matters

Here’s the conundrum – sellers want a fast sale, but at the same time they often have to compete with dozens of other homes (including cheap foreclosures) of similar or lesser prices in their area. The key here is to listen to what your realtor says when recommending a realistic listing price. Agents will determine the best price for a home using comparable sales data of similar homes sold in the last three to six months.

Setting a realistic price from the beginning will avoid wasting time having to drop the asking price bit-by-bit to lure buyers in. For homes in areas where not enough comparable data exists, an appraisal may be a good idea – the appraiser will set a realistic price that any bank will almost certainly agree to by the time a buyer is found and looks to secure financing.

Explain what “Energy Efficiency” really means

We’ve all heard about ‘green homes’,but many of us don’t really realize the financial benefits of living in one. Savings on bills can have MASSIVE appeal for prospective buyers, so sellers are advised to not just point out the energy saving features of their home – but also detail exactly how much money they can save.

Get “Ready”

Let’s face it, the majority of buyers want a home that’s ready to live in. As such, sellers need to make their homes spick and spam. Fix everything that needs fixing. Creaky doors, windows that don’t quite shut, water stains, peeling wallpaper, missing tiles, etc, etc., these all need to be fixed asap! Things like this should be done before the home is placed on the market.

Reshared by Michelle Cannon
Cannon Realty & Associates

THINGS A FIRST-TIME BUYER SHOULD KNOW BEFORE BUYING A HOME

Things a First-Time Buyer Should Know Before Buying a Home

For most first-time home buyers, buying a home means obtaining a mortgage. Applying for a mortgage can be a complicated process, so it pays to do some research before taking the plunge.

Read on to learn 10 basic things you should know before buying a home.

1. Find out how much you can afford.

Many experts recommend buying a house that costs no more than two-and-one-half times your annual income. Banks offer favorable rates if your mortgage, property taxes and insurance equal no more than 28 percent of your income. Online calculators will show how debts, income and expenses affect the amount of house you can afford.

2. Address any problems with your credit rating.

Buyers with high credit scores will get the lowest interest rates. Lenders usually consult the three major credit bureaus when evaluating your credit history. Get a free copy of all three reports at AnnualCreditReport.com, and dispute any inaccurate information.

3. Know the difference between fixed- and adjustable-rate mortgages.

Most first-time buyers opt for a fixed-rate mortgage, which has an interest rate that stays constant for the term of the loan. An adjustable-rate mortgage, or ARM, offers lower rates during the early portion of the loan. While an ARM lets you take advantage of falling rates, it also exposes you to higher payments when interest rates rise.

4. Realize that prequalification is only the first step.

Prequalification means that you are qualified for to be approved for a mortgage. Preapproval is a more rigorous process that will make sellers and real estate agents take you seriously.

5. Understand that you may qualify for a mortgage with a small down payment.

A smaller down payment and good credit rating will qualify you for a mortgage in many markets. Banks often extend mortgages to buyers who can put down only 5 or 10 percent.

6. Learn about private mortgage insurance.

You must buy this insurance when you make a down payment of less than 20 percent. Find out how much this insurance will cost and whether additional fees are required. Ask your lender what conditions must be met before you can stop making insurance payments.

7. Shore up your savings account.

Your lender will like to see four or five months’ worth of mortgage payments in your savings account. The money will come in handy if you are hit with large repair bills.

8. Consider paying points.

You may have the option to pay extra points in exchange for a lower interest rate. Experts recommend that you pay the points if you plan to own your home for at least three to five years.

9. Negotiate for a more favorable rate.

Understand that mortgage rates are negotiable. If you have assets and good credit, you are in a good position to bargain for a better rate.

10. Look carefully at closing costs.

Examine the Good Faith Estimate put together by your mortgage provider to help you predict closing expenses. Ask about fees that seem unusual.

Reshared by Michelle Cannon
Cannon Realty & Associates

THE REASONS YOUR HOUSE ISN'T SELLING AND WHAT YOU CAN DO ABOUT IT, PART 2

The Reasons Your House Isn’t Selling and What You Can Do About It, Part 2

Recently, we discussed some initial reasons your home might not be selling. Here are issues that may not be as obvious, but may still be impeding the sale of your home:

Problem: Your home is not easily accessible for showings. Are you getting a lot of showing requests that you are turning down? Many sellers make the mistake of not accommodating a buyer’s request for showings because requested showing times are an inconvenience to the seller.

What You Can Do: Try and remember that your home is a product for sale. Do whatever you can to cooperate with showing requests, even if they are last minute or on off hours. Make sure the house is always tidy while you are listed, so if you get a last minute showing you don’t have to run around spending hours cleaning. Do you have showing requests on a rainy Saturday? Take the kids to the museum. And if you get that 7pm showing request, take the family out for a bite to eat that night.

Problem: Your pet is an issue. Pet problems can go beyond the presence of an unfriendly pet barking or jumping on a potential buyer. Pet owners also need to go to extra lengths to make sure to remove pet hair, eliminate dander, and keep odor to a minimum.

What You Can Do: Yes, it’s extra effort, but you’ll reap the benefit of breaking out the lint brush, keeping the vacuum cleaner handy, and disinfecting areas where your pet has made a mess. Take your pets out of the house during showings or make sure they are crated. A potential buyer is there to view the home that is for sale, and should not have to worry what your pet is going to do.

Do your research. Selling your home is a partnership between you and your real estate agent. Be an active participant. If you can contribute knowledge and strategy to the process of selling your house, you’re less likely to be tripped up by the common stumbling blocks that can prevent a sale.

Reshared by Michelle Cannon
Cannon Realty & Associates

THE REASONS YOUR HOUSE ISN'T SELLING AND WHAT YOU CAN DO ABOUT IT

The Reasons Your House Isn’t Selling and What You Can Do about It

Selling a home can be a daunting undertaking, and while you may be helpless to control the state of the market or the number of prospective buyers in your price range, here are a few ways to be proactive against some of sellers’ most common pitfalls:

Problem: Competition. Are there too many homes for sale in your price range? If there are too many options open to buyers in your market, you may not see as many showings as you’d like.

What You Can Do: Unfortunately, the state of the market in your neighborhood or town is pretty much beyond your control. You’ll need to think about how you can make your home a more attractive sale, either by lowering your price or providing attractive terms of sale.

Problem: Your asking price is too high. It’s stating the obvious, but if your asking price is too high, you’ll price yourself right out of a lot of potential showings. Further, even if you do manage to land a buyer at your price, his or her financing is more likely to fall through during the sale if the house will not appraise.

What You Can Do: Working with a trusted real estate agent to come up with a fair asking price is vitally important. Make sure you are educated about the market you’re selling in, and price your home accordingly. Ask yourself whether you’d rather net a little less than you had hoped – or not be able to sell at all.

Problem: Your home lacks curb appeal. The condition of your home inside and out is critically important to making a sale. If your home doesn’t show well, a potential buyer is going to head elsewhere. Most buyers are looking for a house they can move into without a ton of small repairs and cleanup.

What You Can Do: You’ve been meaning to fix that leaky faucet or repaint the fence in the front yard, so now is the time to do it! Of course, this should have been done when you decided to sell, but it’s never too late…De-clutter your rooms and store all personal effects. Consider investing in some new curtains, bath towels and throw rugs. To make sure that you nail that crucial curb appeal, spruce up your yard with new plantings, trim hedges and weed flowerbeds, and keep the lawn short and neat. Those minor repairs that you have been living with will add up in the eyes of a prospective buyer.

Problem: Location. Everyone’s heard that old maxim that real estate is all about “location, location, location!” But what do you do if you’re trying to sell a home on a busy street, or too close to a major highway?

What You Can Do: There are actually a few things you can do to increase your chances of a sale. If your home is on a busier street, highlight any benefits on the flip side—maybe your backyard is fenced in, your taxes are low or you can walk to a school nearby. Make sure you pay extra attention to those highlights. If you are in an area where your home is very close to a major highway, consider some type of privacy hedge or fencing. If you have older windows consider replacing them – the benefit will be two fold, you will have new windows as a selling feature and those new windows will provide a little more sound buffering inside the home. Last, consider selling at a time when the foliage is in full bloom to help naturally block sound or visual effects from nearby highways.

Reshared by Michelle Cannon
Cannon Realty & Associates